Jacob Ballas Capital raises $440m India-dedicated fund

The Delhi-based firm will provide growth capital to companies in diverse sectors and has made four investments so far from its third fund.

Jacob Ballas Capital India has closed NYLIM Jacob Ballas India Fund III, a country-focused growth capital fund, on approximately $440 million.

New York Life Insurance Company, which anchored the firm’s two predecessor funds, is the anchor investor for this fund as well. A significant portion of Fund III was raised from existing investors, Rajan Jetley, chairman of Jacob Ballas Capital, said in a statement.

Apart from providing growth capital, the fund will help chief executives differentiate their competitive proposition, build new business relationships and target market leadership, said Srinivas Chidambaram, managing director of the firm.

Fund III has invested in Aster Teleservices, an infrastructure company; Mahindra Holidays and Resorts India, a hospitality business; insulator manufacturer Saravana Global Energy and pharmaceutical company Themis Laboratories.

Jacob Ballas Capital typically invests between $15 million to $60 million for minority positions although it will consider co-investments and controlling stake investments as well.

It currently has 18 investments in sectors such as auto components, engineering and construction, hospitality, IT services, pharmaceuticals, ports, power, real estate, shipbuilding and textiles.